Step 4: Convert to the desired cryptocurrency
Once your account is funded with either cryptocurrency or peso, tap ‘Exchange’ found at the bottom of the app and choose desired cryptocurrency.

How to cash in or fund your accountCash or Abra Teller

Tap ‘Add Money’ located at the bottom of your screen

Tap ‘Cash’

Choose desired Abra Teller based upon your current location, you can also hit the map icon on the top right.

Contact Abra Teller for further instructions (if necessary)

Note: Hit the ‘Redo Search in this Area’ button to re-populate the map when zooming in/out or moving the field of view when using the map search function.

Unionbank

Tap ‘Add Money’ located at the bottom of your screen

Choose ‘Bank ACH transfer’

Select Unionbank. (Note that a minimum of PHP 300 is required)

Enter the desired amount

Tap ‘Next’

Tap ‘Confirm Deposit’

Follow the instructions on the screen to enroll Abra as a biller with your bank.

Log into your bank’s website and select Bill Pay

Enroll Abra as a biller

Pay Abra the amount you want to deposit. Put the phone number you use for Abra as the reference/subscriber number.

Bitcoin, litecoin, bitcoin cash

Tap: ‘+Add Money’ (now located at the bottom of your screen).

Tap ‘Use Bitcoin,’ ‘Litecoin’ or ‘Bitcoin Cash’

Copy the code shown on the screen and paste it into your third-party bitcoin, litecoin or bitcoin cash wallet, or scan the QR code using your third-party wallet.

How to cash out
Withdrawing your money is easy; however, there are only 3 cryptocurrencies that you can withdraw—namely, bitcoin, bitcoin cash, or litecoin. If you have other altcoins, you need to convert it from either of those three in order to cash out.

Tap ‘Withdraw’ located at the bottom of your screen

Tap ‘Use Bitcoin’

Select your bitcoin wallet.

On the third-party btcoin wallet that you want to withdraw to, locate the QR code or bitcoin public address

Tap the QR code symbol (the top right corner of the screen) on your Abra app to scan the QR code, or type the remote bitcoin address to where you will withdraw funds to

Enter bitcoin amount

Tap ‘Confirm Withdrawal’ amount

On the third-party wallet, check whether any further action may be necessary

Please note that bitcoin withdrawals will incur a network fee. This fee is required to ensure your transaction is confirmed by the bitcoin mining network and fluctuates based on the volume on the network when the transaction was made.

Why should you buy BTC in Abra?

Cash availability. Users can fund their account using cash.

Limitations. Unlike other apps that offer similar services, sending transactions does not have a limitation. Likewise, receiving bitcoin, bitcoin cash, or litecoin does not have a limitation.

User-friendly interface. The app interface is easy to navigate.

Price notification. Allows users to set the price for cryptocurrencies within the platform. The system will notify users once the price goes above and under the set price. It helps to monitor the right time to buy and sell.

Processing Time
Typically, it usually takes 10-30 minutes or depending on the network to process the transaction. Here are the standard processing times for deposit and withdrawal transactions:

For deposits via U.S. bank, 1-2 business days.

For withdrawals via U.S. bank, 2-3 business days.

For deposits via Philippines banks, 1-2 business days.

For withdrawals via Philippines banks, 2-3 business days.

For deposits and withdrawals via Abra Tellers, within 1 hour.

Things to remember

Account security. Never share your account information with anyone else. Avoid writing it down and storing it on places that can be accessed by anyone.

Paying for online items. Transactions are irreversible once sent, so make sure to get the correct wallet address of the recipient. If you are unsure of the person you are sending the money to, use e-commerce services that can provide escrow-like services like Shopee.

Invest wisely. Only invest what you can afford to lose. Cryptocurrency trading should never be deemed as easy money.

Disclaimer: BitChikka does not provide financial advice. The price action analysis is solely based on the writer’s personal research and interpretation.